Gold Coast development: One50 Public House at Bundall sells for $12m
A waterfront tavern at Bundall, which has not served a drink for more than a year, has changed hands in a $12m deal.
Gold Coast
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THE waterfront One50 Public House at Bundall, which has not served a drink for more than a year, has changed hands in a $12m deal.
The 150 Bundall Rd tavern, accessed off Holden Place, has been bought by the Feros family’s JDA Hotels group.
The group owns the Mermaid Beach Tavern, operates the Hotel CBD at Varsity Lakes, and has eight hotels in Sydney.
The One50 has been closed for more than a year but JDA plans to re-open it in November after a $2m renovation.
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The price is made up of $4m for the tavern and a carpark on the opposite side of Holden Place and $8m for 36 gaming machine licences.
In January, the Gold Coast Turf Club announced plans to lease the property from its owner, Southport-based IVF specialist Kee Ong.
The plan to use the tavern as an off-track bar was aborted when the parties could not agree on terms.
The One50 has been a favourite with city council staff based in two Holden Place office towers.
JDA, which bought the Mermaid tavern for $4m in 2016, is in the throes of completing a $12m renovation and will reopen later in August.
The business, founded in 1971, is run by the siblings of founder Theo Feros, John, Dean and daughter Alexandra Henderson.
John Feros yesterday said JDA was not necessarily looking for another property when he visited the city council offices this year.
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“I couldn’t believe the number of cars in the area.
“I had a look at the tavern and it had a brand new gaming room and was all very tidy.
“There was nowhere in the immediate precinct to have a drink or a feed and along the road another tavern was one of the best pokie performers in Queensland.
“The One50 ticked a lot of boxes and was all set up and ready to.”
Mr Feros said the JDA renovation would see the gaming area moved downstairs, where there would be a bar, TAB and disco, with upstairs used for functions and entertaining.
The One50 was created by developer John Hembrow after he bought the Surfers Rowers dining and entertainment venue in 2013.
He sold it and the carpark site to Dr Ong companies in September 2020.
The Feros deal was handled by Jamie Bourke, principal of the Bourke real estate group.
Originally published as Gold Coast development: One50 Public House at Bundall sells for $12m
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